Topics Covered: Important International institutions, agencies and fora, their structure, mandate.
Trump to host G7 meet via videoconference
What to study?
For Prelims: G7- objectives, composition and functions.
For Mains: Criticisms surrounding and measures to revamp.
Context: President Donald Trump is scrapping this year’s G7 summit at Camp David near Washington due to the COVID_19 crisis and will instead hold the event by videoconference.
The United States heads the group of seven wealthy democracies in 2020 and Mr. Trump had been due to host fellow leaders at the presidential retreat known as Camp David in June.
The G7 summit is held by the presiding country each year.
What is G7 Summit?
- G7 Summit is an event conducted annually where world leaders from seven powerful economies of the world come together to discuss burning issues happening around the globe.
- They, by mutual understanding, also form policies or figure out remedies for the concerned issue.
What is G7?
The G7, originally G8, was set up in 1975 as an informal forum bringing together the leaders of the world’s leading industrial nations.
The summit gathers leaders from the European Union (EU) and the following countries:
- the United Kingdom.
- the United States.
How did G7 become G8?
- Russia was formally inducted as a member in the group in 1998, which led G7 to become G8.
- However, Russian President Vladimir Putin’s condemnable act of moving Russian troops into eastern Ukrain and conquering Crimea in 2014 drew heavy criticism from the other G8 nations.
- The other nations of the group decided to suspend Russia from the G8 as a consequence of its actions and the group became G7 again in 2014.
G7 is capable of setting the global agenda because decisions taken by these major economic powers have a real impact. Thus, decisions taken at the G7 are not legally binding, but exert strong political influence.
What criticisms have been made of the G7?
- G7 gatherings tend to attract thousands of protesters, and it is protested by thousands every year.
- Many protesters claim the G7 – which has no representative from any African, Russian or Middle Eastern nation – is completely outdated.
- Protest groups also use the worldwide platform as a stage to lobby and campaign on issues that are important to them.
- G7 leaders are creating a wide gap between the ‘haves’ and the ‘have-nots’ both in their countries as well as across the globe, according to a new report published by non-profit Oxfam International. As a result, they are making the fight against alleviating poverty more difficult, claimed the report.
Need of the hour:
- Work towards implementing tax models for the rich individuals and corporations to pay their fair share of tax.
- Consider how new and existing wealth taxes could be used as a tool to fight poverty and inequality.
- Invest in healthcare and education and provide aid to developing countries.
- Work towards limiting greenhouse gas emissions down to zero well before mid-century.
- G7 vs G8 vs G20.
- Geographical location of member countries.
Discuss the relevance of G7 countries today. What are the reforms necessary to make the grouping more effective?
Sources: the Hindu.